A “split roll” might sound like something you would find in a bakery. But in fact, it is a real property tax concept that has been the subject of a tug-of-war since Proposition 13 was overwhelmingly passed by California...more

Interest in acquiring Japanese real estate, such as hotels, office buildings and retail complexes, is increasing due to Abenomics and the depreciation of the yen against major currencies. Japan expects to have a robust estate...more

Nonprofit organization owners of tax-exempt real estate located in Philadelphia have been receiving letters from the Philadelphia Office of Property Assessment (OPA) concerning forms they must file to enable their properties...more

The hundreds of billions of dollars of commercial real estate owned by foreign companies and individuals in the United States requires active management and oversight. This is so whether the property is triple net leased to...more

The Philadelphia Office of Property Assessment (OPA) has begun mailing notices to each owner of property listed as tax exempt on the OPA’s records indicating that the owner must file a form to certify that the property...more

January 1, 2014, marked the date that the final Repair, Maintenance and Disposition Regulations (Regulations) went into effect and apply to any business with material and supplies, repairs or depreciable fixed assets. Since...more

On February 11, 2015, the Senate Finance Committee approved a bill that would make significant changes to the Foreign Investment Real Property Tax Act (FIRPTA), encouraging investment in US real estate in several ways, but...more

In the recent decision in Matter of Greater Jamaica Dev. Corp. v. New York City Tax Commn., 111A.D.3d 937, 975 N.Y.S.2d 749 (2d Dep’t 2013), the Appellate Division, Second Department held that five public parking garages...more

When most people think of the research and development (R&D) tax credit, they think of manufacturing. However, other industries can also benefit from this credit. In my August 5th post, we discussed the basics of the R&D...more

The Philadelphia Office of Property Assessment (OPA) has sent letters to all charitable organizations in the city that own property shown as tax-exempt, in whole or in part, in the OPA’s records. Attached to the letter is a...more

The owners of small commercial properties in Maryland historic districts should take note of the Maryland Sustainable Communities Small Commercial Tax Credit, a new state income tax credit that may be available to them as of...more

On February 11, 2015, the Senate Finance Committee unanimously approved a significant reform to the Foreign Investment in Real Property Tax Act (FIRPTA). The proposal demonstrates the continued bipartisan legislative...more

Thorny Exemption Issue Discussed -
Limited Liability Company X owns property in the Town of Windham which it leases to Corporation Y. Both entities are tax exempt under the Internal Revenue Code. Both entities...more

Property owners should be receiving their annual property tax assessment notices (post cards) from the municipal assessor’s office at this time. Receipt of this assessment notice indicates that it is time to determine whether...more

Chief Judge Bill Thompson of the newly-established Alabama Tax Tribunal has issued his first ruling involving the scope of his authority as a judge when the taxpayer did not specifically raise an argument or defense in its...more

Changes in fee terms as well as new guidance regarding GAAP consolidation and potential future tax developments can impact how fund sponsors structure and negotiate their investment vehicles.
Despite a slight downturn in...more

Real estate investment trust (REIT) spin-offs provide a means for companies to unlock the value of their real estate. Due to current economic conditions, more companies in more business sectors are considering separating...more

As The Desmond Hotel & Conference Center was gearing up for it’s New Year’s Eve celebration, on December 31, 2014, the Appellate Division (Third Department) handed down a decision in Village Square of Penna, Inc. v Board of...more

In This Issue:
- Governor Cuomo Releases 2015-16 Executive Budget, Including New York City Corporate Tax Reform
- New Commissioner of Taxation and Finance
- ALJ Holds That Husband Changed His Domicile to...more

The New Jersey Tax Court recently ruled in Methode Electronics, Inc. v. Twp. Of Willingboro, Docket Nos. 019012-2010 and 014098-2011 (Tax January 22, 2015) that the assessment on contaminated property located in Willingboro,...more

This Overview provides a general summary of the different corporate structures that may be used to hold, and transact in, UK real estate (such as special purpose vehicles, property unit trusts, partnerships and REITS), the...more

As sure as the FIFA World Cup and the Summer and Winter Olympics will occur every four years, every county in North Carolina has its own tradition that will occur every eight years What is that tradition you may ask? Property...more

When a taxpayer requests a property tax reduction, the taxpayer must ordinarily first request a reduction with the county board of equalization or assessment appeals board before the taxpayer may file in superior court....more